Snapchat has been falling on hard times recently. The time-sensitive app is Snap Inc.'s most successful product, but it doesn't look to be profitable. In its first year of being a public company, it lost $720 million. The popularity of Snapchat, Spectacles, and Bitmoji hasn't proved useful for the tech company. Its CEO however, earned more than $638 million; that's more than the CEO's of Apple and Google. Founder of Snapchat and CEO of Snap Inc., Evan Spiegel was paid through stock shares and his salary.
This amount, $638 million just to reiterate, is the third-largest corporate bonus ever. Reports suggest he may even be the highest-paid CEO in America. His fellow Snap executives were also awarded large sums of money, starting in the 8-figures. Spiegel is estimated to be worth $4 billion right now.
While Snapchat may never hear the end of our complaints about the new update, they have other problems to worry about. Recently, Kylie Jenner tweeted out to her fans, suggesting that she doesn't really use the app anymore. After the tweet made its rounds, Snap's stock plummeted. The value of that loss? $1.5 billion. Snap will have to appease the face of their app if something is to be done.
[via Business Insider]